As we are preparing for a new edition of Anuga, the idea of ‘sustainable growth’ – the trade fair’s theme for this year – seems to be on everyone’s mind, especially considering that most frozen categories seem to add more consumers each year. So, what is driving the market forward?
The approach to healthier, better-for-you products could be part of the answer; the urge to reduce food waste could be the right option, too. But that still doesn’t paint the full picture. Changing consumer habits, which we’ve had plenty of in the last three years, has somehow managed to elevate the frozen food industry. And while that’s obviously a good thing, we should always try to understand the reasons behind any such trends.
As we turn to numbers, it again becomes clear that the direction is upward: according to a recent report, the global frozen food market size was estimated at USD392.4bn in 2022 and it is projected to surpass USD612bn by 2032 – those accounts for a CAGR of around 4.6% in the following 9 years.
As you will read in the following pages, many significant developments in the food sector have led to the inclusion of frozen vegetables in the diets of contemporary consumers. Demand for frozen veggies has increased because of health-conscious consumers placing a higher priority on convenience without sacrificing nutritional value. Frozen vegetables provide a quick and easy alternative without sacrificing nutritious content, so naturally, consumers are drawn towards them.
Another category that seems to be enjoying a good run is ready meals – revenue is expected to reach USD138.56bn by the year 2030, while the online retail segment is expected to have the largest market share in the next period.
So, coming back to the question we started with – ‘what are the actual drivers for the market?’ – we can assume that frozen simply offers much more to today’s individual. It’s not just the freshness of the quick-frozen fruits or the longer shelf, but the sum of several factors like the ones above.
As always, I’d love to read your take at bogdan.angheluta@trade.media. See you in Cologne!